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Managing RMDs

Is there some direct functionality for handling RMDs? There is no category for RMDs which will enable simple reporting for budgeting or taxes. There are work arounds, but those are clumsy and inadequate for effective tracking.

Best Answers

Answers

  • Jim_HarmanJim_Harman SuperUser ✭✭✭✭✭
    Accepted Answer
    No, there is currently no special support for RMDs.

    If you would like to see Quicken improved in this area, please vote on this product improvement Idea by clicking on the little up arrow in the big blue box at the top of the discussion.
    https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions
    -- Jim QWin Premier subscription
  • Jim Harmon, I followed the links and read the comments, so I am not alone. I did vote. It seems that with the retiree population increasing that the number of users should increase also. I would probably pay another $5 to $10 annually for RMD / IRA / ROTH / QCD functionality.

    Sherlock, I started with Quicken back in '95, but due to PC corruptions, lost data going back before 2014. None of that is relevant to this discussion....Can you describe your work arounds for handling RMDs / IRAs?
  • SherlockSherlock SuperUser ✭✭✭✭✭
    Jim Harmon, I followed the links and read the comments, so I am not alone. I did vote. It seems that with the retiree population increasing that the number of users should increase also. I would probably pay another $5 to $10 annually for RMD / IRA / ROTH / QCD functionality.

    Sherlock, I started with Quicken back in '95, but due to PC corruptions, lost data going back before 2014. None of that is relevant to this discussion....Can you describe your work arounds for handling RMDs / IRAs?
    We happen to use an annual transfer reminder for the estimate of an RMD.  After we know the market value of the retirement account on December 31st, we edit the reminder for the next year.  The calculation is basically the value of the account on December 31 divided by your life expectancy according to the IRS.  It is simple enough to keep the calculation in the memo field for reference as we adjust it each year.

    In case you are unaware, the RMD was waived in the CARES act for 2020: https://www.irs.gov/newsroom/irs-announces-rollover-relief-for-required-minimum-distributions-from-retirement-accounts-that-were-waived-under-the-cares-act
    Quicken user since 1997
    Premier on Windows 10
  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    There is really nothing I see different in an "RMD withdrawal" and any other withdrawal from the IRA.  The RMD rules are simply that you must for the year withdraw a certain amount from the account based on prior year 12/31 value and the life expectancy factor as @Sherlock outlined. 

    What users need to do is simply make sure their total withdrawals for the year exceed the required minimum (again noting the exception for this year).  For me that can accomplished with a simple Investment Transactions report customized to the IRA account and Withdrawal (or XOut) transactions for the applicable year. 

    The other 'consideration' is the the "Tax Schedule" (Edit Account Details) for the account should be properly set to have Transfers Out categorized to the proper tax line.  That is, if the user wants withdrawals to properly flow into tax planners and tax reports.  But again, there is nothing special about RMDs in that context.   

     
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